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Summary
- Rising oil prices have brought energy stocks in the limelight once again.
- With the US crude prices hitting a price of US$ 59.7 per barrel and Brent crude rising to US$ 62.8 a barrel on Wednesday, March 24, the S&P 500 Energy registered a growth of 26.3 per cent this year.
- The S&P/TSX Capped Energy, meanwhile, recorded a year-to-date growth of over 23 per cent.
Rising oil prices have brought energy stocks in the limelight once again. With the US crude prices hitting a price of US$ 59.7 per barrel and Brent crude rising to US$ 62.8 a barrel on Wednesday, March 24, the S&P 500 Energy registered a growth of 26.3 per cent this year. The S&P/TSX Capped Energy, meanwhile, recorded a year-to-date growth of over 23 per cent.
On that note, let’s take a peek at three energy stocks under C$ 10 price range that are currently trending on the Toronto Stock Exchange – Crescent Point Energy Corp (TSX:CPG), Cenovus Energy Inc (TSX:CVE) and ARC Resources Ltd (TSX:ARX).
Crescent Point Energy Corp (TSX:CPG)
Current Stock Price: C$ 5.24
The trending stocks of exploration company Crescent Point Energy Corp climbed by nearly 441 per cent in the past one year. The energy stock jumped up by nearly 66 per cent this year and by over five per cent in the last one month.
As of December 2020, the Calgary-based company had reported 411 million barrels of oil equivalent (boe) in its reserves, while its annual production for the year stood at 122,200/boe a day, as per TMX data.
Crescent Point Energy was able to reduce its net debt by C$ 615 million, down to C$ 2.1 billion, for the year ending 31 December 2020.
©Kalkine Group 2021
Cenovus Energy Inc. (TSX:CVE)
Current Stock Price: C$ 9.6
Cenovus stocks, currently trending high among most active and top energy performers on the TSX, secured a growth of nearly 299 per cent in the last one year. The energy stock also grew nearly 21 per cent in the past three months.
The integrated oil and natural gas company pays a dividend of C$ 0.018 per share on a quarterly basis. Its dividend yield currently stands at 0.747 per cent, as per TMX data.
The Alberta-based oil and gas producer made headlines in the fourth quarter of 2020 after it announced its merger plans with per Husky Energy. The deal finally closed in January this year.
With pandemic-prompted disruptions, Cenovus recorded an annual net loss of C$ 2.4 billion in 2020, as against the net earnings of C$ 2.2 billion in year 2019.
ARC Resources Ltd (TSX:ARX)
Current Stock Price: C$ 7.5
Ranked high on the TSX among stocks with heavy trading activities, ARC Resources recorded a share price surge of over 151 per cent in the past year and of nearly 23 per cent this year.
The independent energy company recently confirmed a quarterly dividend of C$ 0.06, which currently holds a dividend yield of 3.261 per cent, as per TMX data.
ARC Resources posted a net income of C$ 120.8 million in the quarter ending 31 December 2020.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from investment point of view.
